KAREX Bhd’s wholly-owned subsidiary Karex Global Ltd (KG) will acquire the remaining 30% equity interest in Global Protection Corp (GP) for RM42.26 mil.
In a filing with Bursa Malaysia today, Karex said the purchase consideration would be done via the issuance of up to 82.93 million new ordinary shares in the company.
“The proposed acquisition is in line with Karex’s strategy to expand its own brand manufacturing business.
“Through GP, which will be a wholly-owned subsidiary of Karex upon the completion of the proposed acquisition, Karex Group will be able to fully benefit from the manufacturing and distribution of GP products and increase Karex Group’s market share at the international forefront,” it added.
The proposed acquisition is expected to be completed by end-2020, noted Karex. – Nov 12, 2020
